Page:United States Statutes at Large Volume 76A.djvu/205

–109– -109Subchapter III—Transfer of Obligations § 871. Transfer of burden of obligation The burden of an obligation may be transferred with the consent of the party entitled to its benefit, but not otherwise. § 872. Transfer of rights arising from obligation A right arising out of an obligation is the property of the person to whom it is due, and may be transferred as such. This section does not authorize the transfer of a thing in action arising out of a tort against the person. § 873. Indorsement of nonnegotiable instrument A nonnegotiable written contract for the payment of money or personal property may be transferred by indorsement, in like manner as negotiable instruments. The indorsement shall transfer all the rights of the assignor under the instrument to the assignee, subject to all equities and defenses existing in favor of the maker at the time of the indorsement. Subchapter IV—Extinction of Obligations Article A—Performance § 891. Extinction by performance Full performance of an obligation, by the party whose duty it is to perform it, or by any other person on his behalf, and with his assent, if accepted by the creditor, extmguishes it. § 892. Performance by a joint debtor Performance of an obligation by one of several persons who are jointly liable under it extinguishes the liability of all. § 893. Performance to a joint creditor An obligation in favor of joint creditors is extinguished by performance rendered to any of them, except in the case of a deposit made by joint owners, which is regulated by chapters 49 to 53 of this title on deposit. § 894. Performance as directed by creditor If a creditor, or any one of two or more joint creditors, at any time directs the debtor to perform his obligation in a particular manner, the obligation is extinguished by performance in that manner, even though the creditor does not receive the benefit of the performance. § 895. Partial performance A partial performance of an indivisible obligation extinguishes a corresponding proportion thereof only if the benefit of the performance is voluntarily retained by the creditor. If the partial performance is of such a nature that the creditor cannot avoid retaining it without injuring his own property, his retention thereof is not presumed to be voluntary. § 896. Payment defined Performance of an obligation for the delivery of money only is called payment. § 897. Performance applicable to more than one obligation If a debtor, under several obligations to another, does an act, by way of performance, in whole or in part, which is equally appli-

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